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It is Friday morning and it’s time to take the penultimate of our final two looks at what happened in the bitcoin price across the last 24 hours or so and how we expect things to move near 10 in an attempt to piece together a strategy that we can use to draw a profit from the market if and when things move.
As many reading will likely already be aware, it has been a pretty rough week as far as sentiment (and in turn, price action) is concerned. A range of fundamental developments have translated to some severe weakness in the markets and bitcoin doesn’t seem to have any ability to counter this dip in sentiment – at least near term.
What this has meant is that things just keep declining without any reprieve or, perhaps more accurately, without any sustainable and supportable reprieve.
Anyway, all we can do is play levels as we see them. So, let’s get some support and resistance parameters in place that we can use near-term and see if we can find a positive against the backdrop of substantial negativity.
As ever, take a quick look at the chart below before we get started so as to get an idea of where things stand and where we intend to jump in and out of the markets if and when we see things move.
The chart is a one-minute candlestick chart and it has our primary range overlaid in green.
As the chart shows, the range we are looking at for the session today comes in as defined by support to the downside at 13328 and resistance to the upside at 13535.
If we see price close below support, we will enter short towards an immediate downside target of 13250.
conversely, looking the other way, if price closes above resistance, we will enter long towards 13650.
Chart courtesy of Trading View